GBP/USD eyes gains ahead of UK GDP release; EUR, inflation data awaited

GBP/USD trades cautiously near 1.2750 ahead of UK October GDP data, expected to show 0.1% monthly growth versus -0.1% previously, with annual growth forecast at 1.4% compared to 1.1% prior. The improved growth outlook could provide modest support for sterling, though market impact may be limited as the Bank of England remains data-dependent amid persistent inflation concerns. European markets await final inflation readings from Germany, France, and Spain, though these confirmatory figures are unlikely to alter ECB policy trajectory. EUR/GBP hovers around 0.8350 as traders balance UK growth prospects against eurozone inflation dynamics. Technical resistance for GBP/USD sits at 1.2800, while support holds at 1.2700. The session's data releases are expected to generate limited volatility, with traders maintaining positions ahead of next week's Federal Reserve and ECB meetings for clearer policy direction.